Tag Archives: business

OPEC, in its latest monthly oil report released on Wednesday, said Nigeria’s oil output rose by 280,700 bpd to 1.385 million bpd in September, compared to Angola’s 1.649 million bpd. The country produced 1.524 million bpd in September, up from 1.429 million bpd in August, according to secondary sources. Nigeria had in March lost the status of Africa’s top oil producer to Angola when the ... Read More »

The Central Bank of Nigeria on Wednesday raised concerns about what it called the indiscriminate and suspicious manner some bank customers were spending dollars and other foreign currencies abroad through their naira debit cards. Consequently, the regulator said it had through the Bankers’ Committee concluded that bank customers who spent above the $50,000 annual forex limit it imposed would be barred from the nation’s forex ... Read More »

Nigerian equities snapped a two-day rally yesterday as investors turned round to take profits on stocks that had led the recent rally. Underlying market sentiments remained largely negative at the Nigerian Stock Exchange (NSE) with nearly two losers for every gainer. Aggregate market value of all quoted equities on the NSE dropped marginally from its opening value of N9.629 trillion to close at N9.627 trillion, ... Read More »

The Federal Government is set to reduce the income tax rates payable by Small, Micro and Medium Enterprises (SMMEs) in the country to encourage more start-ups in Small, Micro and Medium Enterprises. The planned tax reduction will boost the profitability of the existing ones, generate new jobs and make higher contribution to the Gross Domestic Product (GDP). A statement from the federal ministry of finance ... Read More »

The House of Representatives on Thursday in Abuja said that illegal mining of solid minerals had deprived the country of about 500,000 jobs. This followed a unanimous adoption of a motion moved by Rep. Solomon Maren (PDP-Plateau). Maren stressed the need to curb the activities of illegal miners in the country. The lawmaker said the mining and solid mineral sector was a multi-billion naira sector ... Read More »

Investors on the Nigerian Stock Exchange on Thursday traded a total of 365.37 million shares valued at N2.09 billion exchanged in 2,905 deals. This was against the 159.05 million shares worth N1.45 billion traded in 3,237 deals on Wednesday. The Financial Service Sector remained the toast of investors as Continsure emerged the most traded in volume terms, accounting for 195.50 million shares valued at N254.03 ... Read More »

The Federal Government on Wednesday announced plans to boost earnings from mining sector with a view to increasing its GDP contribution from 0.33 per cent to seven per cent over the next 15 years. The Minister of Mines and Steel Development, Dr Kayode Fayemi, announced this at the National Council on Finance and Economic Development Conference in Abeokuta. The minister said it had become imperative ... Read More »

The Organisation of Petroleum Exporting Countries has agreed to cut production by 750,000 barrels a day, Bloomberg News reported Wednesday, citing a delegation member. The surprise news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In London benchmark Brent North Sea crude for November delivery rose $2.72 to $48.69, while ... Read More »

Chief Executives of top Pharmaceutical Manufacturing Companies under the auspices of PMG-MAN recently met to review the new directive of the CBN on Forex sales to end users. The APEX bank’s decision to ensure that at least 60 per cent of Forex sales are made to local manufacturers was acclaimed as a timely intervention to boost local manufacturing. Since local pharmaceutical manufacturing is directly linked ... Read More »

Trading on the floor of the Nigerian Stock Exchange closed on a positive note on Wednesday, after the two-day public holiday declared by the Federal Government. The stock market appreciated by N22bn despite losses in 20 stocks. The NSE market capitalisation rose to N9.495tn from N9.473tn recorded last Friday, while the All-Share Index closed at 27,642.13 basis points from 27,577.52 basis points. A total of ... Read More »